Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
Five year bond set to be priced much tighter than the development bank's last senior issue
Investors were eager to tender their bonds despite initial resistance
Inclusion of a variable rate instrument was not acceptable to official creditors
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After a long time working on the deal, Kenya Pipeline Co has completed its $350m 10 year loan. -
Italian construction firm CMC Ravenna has raised €306m from BNP Paribas and Intesa Sanpaolo to build the Itare Dam in Kenya, with most of the funds guaranteed by Italian export credit agency SACE.
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Naspers reopened the market for CEEMEA corporates this week. But the rare nature of the credit means that few other borrowers can get away with similarly modest — if historically slightly elevated — premiums, said bankers on the deal.
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Zambia has picked banks for a dollar bond and finishes a roadshow next week. Stabilising copper prices have raised some analysts' outlooks on Zambia's existing Eurobonds, although those notes dropped in the secondary following announcement of a new trade.
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CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it's worth noting that issuers showed the maturity to accept them.
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South African firm Naspers opted for a 10 year tenor for its first deal in two years. Debt bankers away from the deal applauded the decision, but could not agree on the premium the deal offered.
